Brexit referendum uk 1468255044b ix

German and UK regulators pen post-Brexit supervisory agreement


German financial services watchdog BaFin and the UK’s Prudential Regulation Authority (PRA) have penned an agreement to secure continuity of oversight for insurance firms operating in the UK and Germany post-Brexit.


Perils estimates Eur740mn loss from Dragi-Eberhard


Loss aggregation firm Perils has pegged initial property damage losses from extratropical cyclone Dragi-Eberhard at Eur740mn ($833mn).


Hannover Re to eliminate coal cover and investments by 2038


Reinsurance powerhouse Hannover Re is the latest German carrier to scale back its coal-related underwriting policies and investments.

Shepherd Compello – Assen

Shepherd Compello targets European growth with Dutch subsidiary


Specialist Lloyd’s broker Shepherd Compello has launched a new operation in the Netherlands to support plans to expand in Europe and to mitigate any negative Brexit fallout.


FSCS transfers thousands of bankrupt Qudos policies


More than 165,000 policies provided by bankrupt Danish insurer Qudos to customers in the UK are being transferred to new providers, following a combined effort from brokers and the Financial Services Compensation Scheme (FSCS).


Howden Norway swoops on employee benefits broker NIP


Howden Forsikringsmegling – the Norwegian arm of Howden Broking Group - has acquired a majority-share in employee benefits broker Norwegian Insurance Partner (NIP).

Bertrand Labilloy – CCR Re

CCR Re back in the black with 99.4% combined ratio


State-backed French reinsurer CCR Re reported a return to profit for the full year 2018 with an improved combined ratio and a twofold increase in net income.


LMG calls on government to 'liberalise' market access post-Brexit


The London Market Group (LMG) has called on the UK government to “liberalise” access to key markets including the US, Switzerland, MENA and Latin America post-Brexit and to use its global network of embassies to promote the London insurance market around the world.

French car

CCR Re launches first Paris-based reinsurance sidecar 157 Re


State-backed French reinsurer CCR Re has unveiled the first ever reinsurance sidecar domiciled in France and says the transaction could even pave the way for an onshore ILS market to develop in Paris.

Edwin Charnaud – Aon

Aon swoops on Marsh’s Charnaud for EMEA M&A chair


Broking giant Aon has named former Marsh infrastructure chair Edwin Charnaud as EMEA chairman for its M&A and Transaction Solutions business.

Kessler and Catherine

Scor activist continues war of words with claim Kessler remuneration “too high”


CIAM, the European activist fund, has continued its war of words with Scor after public hostilities resumed earlier this week.


AIG is lead insurer on Hydro cyber risk policy


Norwegian aluminium company Norsk Hydro has revealed AIG is the lead insurer on its cyber risk policy, and has also estimated the financial impact from the first week since its cyber attack is $35-41mn.

Watford Re

Watford Holdings confirms Nasdaq direct listing set for 28 March


Watford Holdings, the Bermudian total return (re)insurer for which Arch Capital acts as reinsurance manager, plans to complete its direct listing on Nasdaq on 28 March.

Black list

Bermuda officials head to Europe with de-blacklisting timeline unclear


A delegation from Bermuda is in Europe this week to meet EU officials and make the case for why the island should be removed from a tax haven blacklist.

E. David Burt

Bermuda premier vows to get island off EU blacklist


Premier David Burt has acknowledged concerns in Bermuda about being placed on the European Union’s tax haven blacklist but says the island will be removed from it “at the earliest opportunity”.


Liberty re-domiciles European business to Luxembourg


Liberty Specialty Markets has re-domiciled its European insurance company Liberty Mutual Insurance Europe SE (LMIE) to Luxembourg ahead of the UK’s exit from the European bloc at the end of March.


Hydro confirms cyber insurance in place after attack


Norwegian aluminium company Norsk Hydro said the situation is “quite severe” following a cyber attack but has confirmed it has an insurance programme that includes business interruption cover.

Joachim Wenning – Munich-Re

Munich Re signals Eur1bn share buy-back; P&C unit returns to profit in 2018


German reinsurance powerhouse Munich Re has outlined plans to buy-back Eur1bn ($1.4bn) of shares in 2018 and has upped profit estimates for the year ahead as its P&C business swings back into the black.

Gilets Jaunes or yellow vest protests in Paris i

French Gilets Jaunes insured losses over Eur170mn


Insurance claims from the ‘gilets jaunes’ – or yellow vest - protests in France have reached Eur170mn ($193mn), not including the destructive demonstrations along the Champs-Elysées last weekend (16 - 17 March).

MMC and JLT Plane

Europe asks MMC rivals to comment on sale of JLT's aerospace unit


A month before JLT agreed to sell its sector-leading aerospace division to assist with regulatory approval for MMC’s £4.3bn takeover of the UK broking group, the European Commission canvassed MMC and JLT rivals for their comments on a “structural divestment” of the business unit, The Insurer can reveal.